BSE: 511764
Aastamangalam Finance Limited
Operates as an RBI-registered non-deposit-taking Non-Banking Financial Company headquartered in Chennai, focused on unsecured corporate lending to real estate and construction businesses. Revenue comes from interest income on its loan book, which has grown sharply since the Jain family took control in 2017. The company earns the spread between its lending and funding rates, and funded recent expansion through a rights issue of approximately Rs 28.17 crore in January 2025 and ongoing borrowings, with FY26 borrowings of Rs 5,045.11 lakhs. Operating costs are minimal — employee cost at 1.3% of revenue and other operating expenses at 3.3% — with negligible capex or depreciation, reflecting the asset-light nature of financial intermediation. Asset quality was strong at 1.57% Gross NPA and 0% Net NPA as of Q1 FY26. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Interest income from unsecured corporate lending. Small NBFC focused on unsecured corporate lending; spread-based earnings with asset-light operations
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1 | 3 | 7 | 15 | 17 |
| EBITDA (ex other income) | 0 | 3 | 6 | 13 | 17 |
| margin % | 20.5 | 92.7 | 91.5 | 82.1 | 97.5 |
| Owners' profit | 0 | 1 | 4 | 8 | 9 |
| EPS, as reported (₹) | 0.29 | 3.39 | 4.04 | 5.33 | 6.08 |
| ROE % · ROCE % | 0.9 · 1.7 | 6.2 · 5.1 | 9.6 · — | 11.2 · — | 11.3 · — |
| Debt / equity (x) | 0.00 | 1.53 | — | — | — |
| Cash from operations | 0 | (26) | (24) | (34) | 18 |
| Capex | — | 0 | (0) | (0) | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3 | 4 | 4 | 4 | 5 | 4 | 4 | 5 |
| Profit before tax | 2 | 3 | 3 | 2 | 4 | 3 | 3 | 3 |
| Net profit | 2 | 3 | 3 | 0 | 3 | 2 | 2 | 2 |
| EPS (₹) | 1.88 | 2.63 | 2.87 | 0.16 | 1.92 | 1.53 | 2.14 | 1.39 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BAJAJ FINANCE LIMITED | 5,70,768 | 28.1 | 4.88 | — | 16.5 | — | 25.2 | 70.7 |
| SHRIRAM FINANCE LIMITED | 1,94,820 | 14.6 | 2.96 | — | 15.2 | — | 22.5 | 74.7 |
| CHOLAMANDALAM IN & FIN CO | 1,31,798 | 22.8 | 4.33 | — | 17.2 | — | 26.5 | 71.2 |
| TATA CAPITAL LIMITED | 1,31,209 | 24.0 | 2.79 | — | 10.4 | — | — | 75.8 |
| MUTHOOT FINANCE LIMITED | 96,352 | 8.5 | 2.42 | — | 26.7 | — | 22.0 | 84.0 |
| SBI CARDS & PAY SER LTD | 50,202 | 22.1 | 3.19 | — | 13.8 | — | — | 33.1 |
| SUNDARAM FINANCE LTD | 43,766 | 19.6 | 2.94 | — | 13.8 | — | — | 78.4 |
| AUTHUM INVEST & INFRA LTD | 42,040 | 7.2 | 2.85 | — | 13.1 | — | — | 90.1 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 3.5 | 18.1 | 15 of 200 | 93% |
| P/B | 0.5 | 1.1 | 44 of 253 | 83% |
| ROE | 11.3 | 3.1 | 44 of 257 | 83% |
| EBITDA margin | 97.3 | 48.6 | 27 of 249 | 90% |
| Revenue growth | 23.5 | 12.6 | 93 of 231 | 60% |
| Profit growth | 762.1 | 7.8 | 15 of 251 | 94% |
| Market cap | 38 | 34 | 132 of 268 | 51% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 15 Oct 2026 · Aastamangalam Finance appoints Ms. Gomathi as Independent Director | management changes | medium | — | — |
| 26 Sept 2026 · AGM Resolutions Approved with 99.82 percent Majority | board shareholder meetings | low | — | — |
| 25 Sept 2026 · 41st AGM proceedings of Aastamangalam Finance held on 25 Sep 2026 | board shareholder meetings | medium | — | — |
| 3 Sept 2026 · AGM on 25 Sept 2026 via video conferencing; FY26 results and director reappointment | board shareholder meetings | low | — | — |
| 3 Sept 2026 · FY26 annual report filed; 41st AGM set for Sep 25 via video call | results | medium | — | — |
| 7 Aug 2026 · Board meeting on 12 Aug 2026 to consider Q1 FY27 results | results | low | — | — |
| 22 Jul 2026 · Independent Director Mr. Akash Jain passes away | management changes | high | — | — |
| 30 May 2026 · Annual Secretarial Compliance Report for 31.3.2026 | compliance | minimal | — | — |
| 29 May 2026 · Audited financial results for the year ended 31.03.2026 | results | high | — | — |
| 25 May 2026 · Aastamangalam Finance Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 29/05/2026 ,inter alia, to consider and approve Financial results for .... | results | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.